proprietor purchase an printer through own individual credit card than how to entry ?
This query is : Open
08 January 2017
i (proprietor) purchase an printer through own individual credit card (not company crefit card) than how to entry ? in accounting software?
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09 January 2017
Any expense of business which is meet out by the proprietor is a capital contribution. In such case Debit the expense and Credit the capital account. In accounting software just pass a journal entry / journal voucher for the transaction.
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09 January 2017
By Printer A/c (fixed assets)
To Capital A/c
To Capital A/c
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09 January 2017
write a suitable narration to the entry e.g. ------------(make of the printer) purchased from M/s. ............................vide bill No. ......................dated......................capitalized. The payment was made by Proprietor from his CC and hence Capital account is credited.
09 January 2017
@mrs. n jain where to entry? journal or purchase?
10 January 2017
A Purchase voucher is created when and item which is ordinarily be sold by the entity is procured. As per query it seems that the printer is purchased as fixed asset then a journal entry required to be passed.
It may be passed in following way.
Printer [ No. if more than one] Account Dr.
To Proprietors Capital Account
[Being printer procured by the proprietor from own fund. Ref - 1 Credit card transaction dated ................... Ref. 2 Vendor name, Date of Invoice]
It may be passed in following way.
Printer [ No. if more than one] Account Dr.
To Proprietors Capital Account
[Being printer procured by the proprietor from own fund. Ref - 1 Credit card transaction dated ................... Ref. 2 Vendor name, Date of Invoice]
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10 January 2017
Yes it is to be passed as Journal entry
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10 January 2017
thanks to all
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